Tag: Maui Land & Pineapple Co

November 1, 2010 General Ag News and Notes Post a Comment

Maui Land & Pineapple books first quarterly profit in two years

Maui Land & Pineapple Co. booked its first quarterly profit in two years, during the three months ended Sept. 30, though the achievement was due to recognizing a previously deferred gain from the sale of a golf course last year.

The owner of Kapalua Resort earned $20 million in the third quarter, which contrasted with a $25.5 million net loss in the same period last year.

The gain ended a string of losses that amounted to $210 million over the previous eight quarters for the Lahaina-based company.

But the turnaround in earnings was the result of Maui Land booking a $25.7 million gain from the March 2009 sale of its Plantation Golf Course.

Fundamental operations — running Kapalua Resort and developing and selling real estate around the West Maui resort — continued to be a drag on earnings.

Tim Esaki, Maui Land’s chief financial officer, said in a statement that the company continues to make progress streamlining operations and strengthening its financial position.

“While we still need to work through a number of challenges, we have a sound business plan and a solid team that is focused on building shareholder value,” he said.

Excluding the contribution from the golf course sale, Maui Land’s resort division had an operating loss of $2.2 million in the third quarter, which was an improvement from a $3.4 million operating loss in the same period a year earlier. The company’s real estate development division had an operating loss of $499,000 in the third quarter, an improvement from a $16.2 million operating loss a year earlier.

Maui Land & Pineapple books first quarterly profit in two years – Hawaii News – Staradvertiser.com

November 1, 2010 General Ag News and Notes, Maui Gold Pineapple Post a Comment

MAUI LAND & PINEAPPLE CO INC – 10-Q – 20101102 – FORM

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview of the Company

MAUI LAND &amp Pineapple Company, Inc. is a Hawaii corporation and the successor to a business organized in 1909. We are a landholding company. Our principal subsidiary is Kapalua Land Company, Ltd., the operator and developer of Kapalua Resort, a master-planned community in West Maui. Our reportable operating segments are Resort and Community Development. In December 2009, all of our Agriculture segment operations were ceased and the segment is reported as discontinued operations.

Continue reading
October 14, 2010 General Ag News and Notes, Maui Gold Pineapple Post a Comment

Maui Nei – Hali’imaile Pineapple Co.

BY RON YOUNGBLOOD

Doug Schenk met the visitors with the kind of smile that radiates from a father showing off his newborn. In the background, Hali’imaile Pineapple Co. employees ate lunch after polishing off the morning’s work two hours ahead of schedule.

At the door of the old parts warehouse, two men who look younger than their years stood in dirty boots and T-shirts.

“These are the guys who run the operation,” Schenk said with affection. The company president is Darren Strand. Rudy Balala is the vice president. They are also partners in the farm, along with Schenk and Doug MacCluer. All are Maui Land & Pineapple Co. veterans. The other partners are Pardee Erdman and Ed Chenchin.

The aroma of plate lunches wafted out of the tin-sided warehouse. In the back of the picnic tables there’s a conference table.

“We meet every Monday to decide that week’s goals,” Strand said.

“All of our employees asked to come to work for Hali’imaile,” Schenk said. All were part of the work force when Maui Pine closed down Dec. 31, 2009. “We were still working out the details (of leasing ML&P equipment and fields) on the last day of the year. We took New Year’s Day off and were on the job the next day.”

“We’ve got the greatest people in the world,” Schenk said. “There’s no division of labor. Everyone does everything.”

Continue reading
October 1, 2010 General Ag News and Notes Post a Comment

ML&P still pushing for Pulelehua

LAHAINA – Maui Land & Pineapple Co. executives told Maui County Council members Wednesday night that the bad days are behind them and as soon as the housing market shows firm signs of improvement, they will be ready to move forward with long-planned developments, such as Pulelehua.

But first, they need the county to give them the land entitlements, said Ryan Churchill, ML&P president and chief operating officer.

However, Churchill was met with some skeptical members of the council’s Land Use Committee. Council Chairman Danny Mateo and Vice Chairman Mike Molina both pointed out that they went out on a limb five years ago to grant ML&P’s Kapalua Mauka development all the zoning and other land classification requirements it needed to move forward, but not one shovel of dirt has been turned on the project.

Continue reading
October 1, 2010 General Ag News and Notes Post a Comment

AR-Cal inks Maui Gold deal

by Tim Linden

AR-Cal Distributing in Arvin, CA, has taken over as the exclusive North American sales agent for the Maui Gold pineapple, which is now being grown and packed by the Haliimaile Pineapple Co. Ltd. in Halliimaile, HI.

AR-Cal is the marketing and distribution arm of Trino Packing & Cold Storage Inc., which is also headquartered in Arvin and owned by longtime produce industry veteran John Trino.

Mr. Trino said that he has long had an affinity for Hawaii and became well acquainted with the Maui Gold pineapple when it was being marketed by the Maui Land & Pineapple Co.

That company, which owns and operates resort properties and golf courses in addition to its agricultural division, has had well-publicized financial issues during the past couple of years.

Maui Land & Pineapple Co. has sold off several golf courses and also sold the rights to the “Maui Gold” brand name.

Mr. Trino said that backers of the new pineapple company have pumped a good deal of money into the operation over the past year and have secured significant land for production.

Since Jan. 1, Haliimaile has been shoring up the sales of pineapples in Hawaii and has been mostly using Calavo for its mainland sales. Mr. Trino has been consulting for the firm on an informal basis since 2009 while it was under development, and recently agreed to the exclusive marketing agreement.

“I am basically going to be acting as a broker and a sales agent,” he said. “Haliimaile will do billing and invoicing.”

Mr. Trino said that the key to successful sales of the Maui Gold pineapple on the mainland is to limit supplies to the extent that there is demand.

“I told them to build up their sales in Hawaii and to grow slowly in North America,” Mr. Trino said. “You cannot flood the market. No longer will there be consignment sales. Everything will be an f.o.b. sale.”

AR-Cal’s agreement was slated to begin officially Oct. 1, but on Sept. 29, when Mr. Trino spoke with The Produce News, he said, “We have cans on the water and are taking orders.”

He said that the f.o.b. price Long Beach, CA, or Seattle, which are the two ports to which the product is being shipped and unloaded via ocean freighter, was $11.50 on that day.

“There has been about a five- or six-week gap in supplies, which has made for a good transition,” he added.

Although the Maui Gold has typically enjoyed better sales on the West Coast because of its proximity to Hawaii, Mr. Trino said that the company is selling nationwide and will air freight to the East Coast when appropriate.

But he added that Mexican pineapples are typically $2-$4 cheaper and enjoy a freight rate advantage to the East Coast, so the demand is limited.

“But it is the best-tasting pineapple there is,” he stated.

Handling sales of the product for AR-Cal is Harold Stein, another longtime produce sales veteran.

The Produce News AR-Cal inks Maui Gold deal